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Aussie GDP weaker than expected

Saul Eslake, Independent consulting economist & commentator, talks to Michael about Australia’s economy expanding by an underwhelming 0.4 per cent in the September quarter as shoppers failed to use falling interest rates and $25 billion worth of tax cuts to spend.

The Australian Bureau of Statistics on Wednesday reported annual GDP lifted to 1.7 percent but still remains well short of what is considered necessary to drive down unemployment and lift wages with chief economist Bruce Hockman saying “the economy has continued to grow, however the rate of growth remains well below the long run average.”

Ahead of the figures, economists had expected at 0.4 per cent after an upwardly revised 0.6 per cent in the June quarter.

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